Podcast
Questions and Answers
What are the 2 Cs of marketing?
What are the 2 Cs of marketing?
What percentage of a marketer's effort should focus on the top customers?
What percentage of a marketer's effort should focus on the top customers?
What happens to sales when more competing products are introduced in the market?
What happens to sales when more competing products are introduced in the market?
What is an example of direct competition?
What is an example of direct competition?
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Which scenario best describes indirect competition?
Which scenario best describes indirect competition?
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What is a characteristic of gaining a large market share?
What is a characteristic of gaining a large market share?
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Which of the following statements about target markets is true?
Which of the following statements about target markets is true?
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Why is it important to size up the competition?
Why is it important to size up the competition?
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What is a major goal of every Canadian business?
What is a major goal of every Canadian business?
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Which of the following is NOT a benefit of competition for consumers?
Which of the following is NOT a benefit of competition for consumers?
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Which skills are deemed valuable in the marketing aspect of a business?
Which skills are deemed valuable in the marketing aspect of a business?
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How can individuals gain practical marketing experience?
How can individuals gain practical marketing experience?
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What is one key factor that competition influences in the market?
What is one key factor that competition influences in the market?
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Where are marketing courses commonly available?
Where are marketing courses commonly available?
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Which statement is true regarding consumers and product choice?
Which statement is true regarding consumers and product choice?
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Which of these is NOT commonly associated with successful competition among businesses?
Which of these is NOT commonly associated with successful competition among businesses?
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Study Notes
The Importance of Customer and Competition
- Marketers prioritize understanding their customers and competitors.
- Target markets are customer groups likely to purchase products or services.
Target Market Strategies
- Focus 80% of marketing efforts on the 20% of customers who regularly purchase or are likely to purchase products.
Assessing and Sizing Up Competition
- Size up the competition to understand how many competing products are being sold and how it may impact sales.
- Convince customers why your product is superior to competitors' offerings.
Direct Competition
- Direct Competitors offer virtually identical products, such as a McDonald's Big Mac and a Harvey's burger.
Indirect Competition
- Indirect Competitors offer different products, but they can be substitutes for each other, such as a Honda CRV (recreational vehicle) and a Toyota Camry (family sedan).
Gaining Market Share
- Gaining a large market share indicates success in overcoming competition and attracting a significant share of purchases.
- This is a goal for many Canadian businesses.
Marketing Training and Education
- Literacy and numeracy are valuable skills in marketing.
- Marketing courses are offered at many high schools and business schools across Canada.
- Gain hands-on experience through marketing department work or volunteering for non-profit organizations.
Benefits of Competition for Consumers
- It encourages higher-quality products, greater product variety, faster product releases, and lower prices.
Considerations for Consumers
- Be cautious when comparing products to avoid making unnecessary purchases.
- Weigh the benefits and drawbacks carefully before making a decision.
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Description
Explore the significance of understanding customers and competition in marketing. This quiz covers target market strategies, assessing competition, and the distinction between direct and indirect competitors. Gain insights on how to effectively position your product in the market.
